You have saved $7,000 toward the purchase of a car costing $10,000. How long will the $7,000 have to be invested at 11% compounded monthly to grow to $10,000? Identify the formula required to solve this problem. O A. A = P(1 + rt), where A is the amount, P is the principal, r is the annual simple interest rate, and t is the time in years OB. I = Prt, where I is the interest, P is the principal, r is the annual simple interest rate, and t is the time in years OC. r A = P(1 + i)", where i = and A is the amount at the end of n periods, P is the principal value, r is the annual nominal rate, m is number of compounding periods per year, i is rate per compounding period, and n is total number of compounding periods OD. A=Pert, where A is the amount at the end of t years if P is the principal invested at an annual rate r compounded continuously m It will take months for the investment to grow to $10,000. (Round up to the nearest integer.)